Where the financial and economic crisis does bite: Impact on the Least Developed Countries

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Abstract

This paper looks beyond the comparatively good performance of the large emerging economies that gave rise to the mainstream narrative of decoupling.
I discuss the negative economic and social impacts of the financial and economic crisis on the Least Developed Countries that the mainstream narrative hides below the veil of well performing large countries. The negative macroeconomic consequences are directly observed in a reduction of the foreign contribution to capital formation in LDCs and a deceleration of the growth of per capita Gross Domestic Product. Official Development Aid does not offer recourse contracting in real terms in 2011 and falling short by US$ 51 billion over 2008-2011.
The potential implications for human development are important. The paper indicates that Millennium Development Goals (especially in the fields of poverty, child mortality and universal primary education) will be more difficult to attain in the Least Developed Countries.
Original languageEnglish
Place of PublicationThe Hague
PublisherInternational Institute of Social Studies (ISS)
Number of pages19
Publication statusPublished - May 2012

Publication series

SeriesISS working papers. General series
Volume542

Bibliographical note

http://hdl.handle.net/1765/32341

Series

  • ISS Working Paper-General Series

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